Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $194,143 | $204,113 | $215,601 | $178,678 | $132,193 | ||||||||||||
Short-term investments | 8,125 | 7,902 | 7,739 | 6,591 | 6,262 | ||||||||||||
Mortgage loans held for sale, at fair value | 61,614 | 68,095 | 43,997 | 49,751 | 27,833 | ||||||||||||
Available for sale debt securities, at fair value | 894,571 | 913,850 | 938,446 | 917,392 | 899,490 | ||||||||||||
Federal Home Loan Bank stock, at cost | 30,285 | 37,469 | 50,017 | 53,576 | 50,853 | ||||||||||||
Loans: | |||||||||||||||||
Total loans | 4,195,990 | 4,282,047 | 4,287,641 | 4,090,396 | 3,892,999 | ||||||||||||
Less: allowance for credit losses on loans | 44,106 | 42,645 | 41,441 | 39,665 | 27,014 | ||||||||||||
Net loans | 4,151,884 | 4,239,402 | 4,246,200 | 4,050,731 | 3,865,985 | ||||||||||||
Premises and equipment, net | 28,870 | 27,711 | 28,067 | 28,543 | 28,700 | ||||||||||||
Operating lease right-of-use assets | 29,521 | 29,861 | 27,022 | 26,098 | 26,792 | ||||||||||||
Investment in bank-owned life insurance | 84,193 | 83,623 | 83,056 | 83,053 | 82,490 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 6,305 | 6,530 | 6,759 | 6,988 | 7,218 | ||||||||||||
Other assets | 159,749 | 167,327 | 166,147 | 155,669 | 100,934 | ||||||||||||
Total assets | $5,713,169 | $5,849,792 | $5,876,960 | $5,620,979 | $5,292,659 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | $832,287 | $840,444 | $815,770 | $622,893 | $609,924 | ||||||||||||
Interest-bearing deposits | 3,546,066 | 3,445,249 | 3,285,666 | 3,083,421 | 2,888,958 | ||||||||||||
Total deposits | 4,378,353 | 4,285,693 | 4,101,436 | 3,706,314 | 3,498,882 | ||||||||||||
Federal Home Loan Bank advances | 593,859 | 713,868 | 1,005,051 | 1,198,534 | 1,141,464 | ||||||||||||
Payment Protection Program Lending Facility | — | 105,746 | 38,900 | — | — | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 31,717 | 32,012 | 29,125 | 28,184 | 28,861 | ||||||||||||
Other liabilities | 152,364 | 162,099 | 159,604 | 156,669 | 97,279 | ||||||||||||
Total liabilities | 5,178,974 | 5,322,099 | 5,356,797 | 5,112,382 | 4,789,167 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 125,610 | 124,768 | 123,684 | 123,167 | 123,281 | ||||||||||||
Retained earnings | 418,246 | 408,773 | 399,386 | 387,243 | 390,363 | ||||||||||||
Accumulated other comprehensive income (loss) | (7,391) | (3,403) | (462) | 929 | (11,237) | ||||||||||||
Treasury stock, at cost | (3,355) | (3,530) | (3,530) | (3,827) | — | ||||||||||||
Total shareholders’ equity | 534,195 | 527,693 | 520,163 | 508,597 | 503,492 | ||||||||||||
Total liabilities and shareholders’ equity | $5,713,169 | $5,849,792 | $5,876,960 | $5,620,979 | $5,292,659 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $34,487 | $34,925 | $36,005 | $40,008 | $40,079 | $145,425 | $165,519 | |||||||||||||||||||
Interest on mortgage loans held for sale | 569 | 468 | 440 | 285 | 359 | 1,762 | 1,237 | |||||||||||||||||||
Taxable interest on debt securities | 3,869 | 4,870 | 5,477 | 5,834 | 5,817 | 20,050 | 26,367 | |||||||||||||||||||
Nontaxable interest on debt securities | — | — | — | — | — | — | 18 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 414 | 532 | 654 | 640 | 693 | 2,240 | 2,855 | |||||||||||||||||||
Other interest income | 35 | 39 | 36 | 349 | 435 | 459 | 1,667 | |||||||||||||||||||
Total interest and dividend income | 39,374 | 40,834 | 42,612 | 47,116 | 47,383 | 169,936 | 197,663 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 4,632 | 5,532 | 7,112 | 8,536 | 9,144 | 25,812 | 37,101 | |||||||||||||||||||
Federal Home Loan Bank advances | 2,305 | 3,354 | 4,382 | 5,765 | 6,015 | 15,806 | 26,168 | |||||||||||||||||||
Junior subordinated debentures | 122 | 135 | 171 | 213 | 230 | 641 | 980 | |||||||||||||||||||
Other interest expense | 72 | 159 | 2 | — | — | 233 | — | |||||||||||||||||||
Total interest expense | 7,131 | 9,180 | 11,667 | 14,514 | 15,389 | 42,492 | 64,249 | |||||||||||||||||||
Net interest income | 32,243 | 31,654 | 30,945 | 32,602 | 31,994 | 127,444 | 133,414 | |||||||||||||||||||
Provision for credit losses | 1,781 | 1,325 | 2,200 | 7,036 | — | 12,342 | 1,575 | |||||||||||||||||||
Net interest income after provision for credit losses | 30,462 | 30,329 | 28,745 | 25,566 | 31,994 | 115,102 | 131,839 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 9,206 | 8,954 | 8,605 | 8,689 | 8,894 | 35,454 | 36,848 | |||||||||||||||||||
Mortgage banking revenues | 14,077 | 12,353 | 14,851 | 6,096 | 3,669 | 47,377 | 14,795 | |||||||||||||||||||
Card interchange fees | 1,148 | 1,161 | 1,031 | 947 | 1,100 | 4,287 | 4,214 | |||||||||||||||||||
Service charges on deposit accounts | 767 | 598 | 517 | 860 | 941 | 2,742 | 3,684 | |||||||||||||||||||
Loan related derivative income | 173 | 1,264 | 99 | 2,455 | 1,116 | 3,991 | 3,993 | |||||||||||||||||||
Income from bank-owned life insurance | 569 | 567 | 791 | 564 | 570 | 2,491 | 2,354 | |||||||||||||||||||
Net realized gains (losses) on securities | — | — | — | — | 27 | — | (53) | |||||||||||||||||||
Other income | 1,787 | 571 | 426 | 316 | 301 | 3,100 | 1,245 | |||||||||||||||||||
Total noninterest income | 27,727 | 25,468 | 26,320 | 19,927 | 16,618 | 99,442 | 67,080 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 22,075 | 21,892 | 19,464 | 19,468 | 18,374 | 82,899 | 72,761 | |||||||||||||||||||
Outsourced services | 2,950 | 3,160 | 2,784 | 3,000 | 2,752 | 11,894 | 10,598 | |||||||||||||||||||
Net occupancy | 2,083 | 2,012 | 1,909 | 2,019 | 1,986 | 8,023 | 7,821 | |||||||||||||||||||
Equipment | 1,025 | 934 | 895 | 977 | 996 | 3,831 | 4,081 | |||||||||||||||||||
Legal, audit and professional fees | 1,014 | 1,252 | 659 | 822 | 692 | 3,747 | 2,535 | |||||||||||||||||||
FDIC deposit insurance costs | 330 | 392 | 674 | 422 | 109 | 1,818 | 618 | |||||||||||||||||||
Advertising and promotion | 640 | 384 | 186 | 259 | 402 | 1,469 | 1,534 | |||||||||||||||||||
Amortization of intangibles | 226 | 228 | 230 | 230 | 229 | 914 | 943 | |||||||||||||||||||
Debt prepayment penalties | 1,413 | — | — | — | — | 1,413 | — | |||||||||||||||||||
Other expenses | 2,353 | 2,090 | 1,677 | 3,256 | 3,215 | 9,376 | 9,849 | |||||||||||||||||||
Total noninterest expense | 34,109 | 32,344 | 28,478 | 30,453 | 28,755 | 125,384 | 110,740 | |||||||||||||||||||
Income before income taxes | 24,080 | 23,453 | 26,587 | 15,040 | 19,857 | 89,160 | 88,179 | |||||||||||||||||||
Income tax expense | 5,514 | 5,131 | 5,547 | 3,139 | 4,321 | 19,331 | 19,061 | |||||||||||||||||||
Net income | $18,566 | $18,322 | $21,040 | $11,901 | $15,536 | $69,829 | $69,118 | |||||||||||||||||||
Net income available to common shareholders | $18,524 | $18,285 | $21,000 | $11,869 | $15,502 | $69,678 | $68,979 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,264 | 17,260 | 17,257 | 17,345 | 17,351 | 17,282 | 17,331 | |||||||||||||||||||
Diluted | 17,360 | 17,317 | 17,292 | 17,441 | 17,436 | 17,402 | 17,414 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $1.07 | $1.06 | $1.22 | $0.68 | $0.89 | $4.03 | $3.98 | |||||||||||||||||||
Diluted | $1.07 | $1.06 | $1.21 | $0.68 | $0.89 | $4.00 | $3.96 | |||||||||||||||||||
Cash dividends declared per share | $0.52 | $0.51 | $0.51 | $0.51 | $0.51 | $2.05 | $2.00 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $30.94 | $30.57 | $30.14 | $29.48 | $29.00 | ||||||||||||
Tangible book value per share - Non-GAAP (1) | $26.87 | $26.49 | $26.04 | $25.37 | $24.90 | ||||||||||||
Market value per share | $44.80 | $30.66 | $32.75 | $36.56 | $53.79 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,265 | 17,260 | 17,260 | 17,252 | 17,363 | ||||||||||||
Capital Ratios (2): | |||||||||||||||||
Tier 1 risk-based capital | 12.61 | % | 12.23 | % | 11.95 | % | 11.62 | % | 12.23 | % | |||||||
Total risk-based capital | 13.51 | % | 13.09 | % | 12.78 | % | 12.42 | % | 12.94 | % | |||||||
Tier 1 leverage ratio | 8.95 | % | 8.77 | % | 8.42 | % | 8.77 | % | 9.04 | % | |||||||
Common equity tier 1 | 12.06 | % | 11.69 | % | 11.40 | % | 11.08 | % | 11.65 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 9.35 | % | 9.02 | % | 8.85 | % | 9.05 | % | 9.51 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.22 | % | 7.91 | % | 7.74 | % | 7.89 | % | 8.28 | % | |||||||
Loans to deposits (3) | 96.2 | % | 100.5 | % | 104.6 | % | 110.6 | % | 111.3 | % |
For the Twelve Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||
Performance Ratios (4): | ||||||||||||||||||||||||||
Net interest margin (5) | 2.39 | % | 2.31 | % | 2.31 | % | 2.61 | % | 2.61 | % | 2.40 | % | 2.77 | % | ||||||||||||
Return on average assets (net income divided by average assets) | 1.28 | % | 1.24 | % | 1.46 | % | 0.89 | % | 1.18 | % | 1.22 | % | 1.34 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) | 1.30 | % | 1.26 | % | 1.48 | % | 0.90 | % | 1.20 | % | 1.24 | % | 1.36 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 13.96 | % | 13.99 | % | 16.51 | % | 9.49 | % | 12.24 | % | 13.51 | % | 14.34 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) | 16.10 | % | 16.19 | % | 19.15 | % | 11.05 | % | 14.26 | % | 15.66 | % | 16.85 | % | ||||||||||||
Efficiency ratio (6) | 56.9 | % | 56.6 | % | 49.7 | % | 58.0 | % | 59.2 | % | 55.3 | % | 55.2 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $9,066 | $8,786 | $8,156 | $8,355 | $8,731 | $34,363 | $35,806 | |||||||||||||||||||
Transaction-based revenues | 140 | 168 | 449 | 334 | 163 | 1,091 | 1,042 | |||||||||||||||||||
Total wealth management revenues | $9,206 | $8,954 | $8,605 | $8,689 | $8,894 | $35,454 | $36,848 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $6,395,652 | $6,138,845 | $5,337,733 | $6,235,801 | $6,126,327 | $6,235,801 | $5,910,814 | |||||||||||||||||||
Net investment appreciation (depreciation) & income | 540,189 | 335,209 | 671,602 | (772,735) | 310,766 | 774,265 | 1,119,826 | |||||||||||||||||||
Net client asset inflows (outflows) | (69,104) | (78,402) | 129,510 | (125,333) | (243,175) | (143,329) | (836,722) | |||||||||||||||||||
Other (1) | — | — | — | — | 41,883 | — | 41,883 | |||||||||||||||||||
Balance at end of period | $6,866,737 | $6,395,652 | $6,138,845 | $5,337,733 | $6,235,801 | $6,866,737 | $6,235,801 | |||||||||||||||||||
Percentage of AUA that are managed assets | 91% | 90% | 90% | 89% | 90% | 91% | 90% | |||||||||||||||||||
Mortgage Banking Results | ||||||||||||||||||||||||||
Mortgage Banking Revenues: | ||||||||||||||||||||||||||
Realized gains on loan sales, net (2) | $13,394 | $14,280 | $10,646 | $3,688 | $4,608 | $42,008 | $13,978 | |||||||||||||||||||
Unrealized gains (losses), net (3) | 813 | (1,555) | 4,415 | 2,325 | (1,025) | 5,998 | 354 | |||||||||||||||||||
Loan servicing fee income, net (4) | (130) | (372) | (210) | 83 | 86 | (629) | 463 | |||||||||||||||||||
Total mortgage banking revenues | $14,077 | $12,353 | $14,851 | $6,096 | $3,669 | $47,377 | $14,795 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio | $134,002 | $132,726 | $126,894 | $108,498 | $120,882 | $502,120 | $347,390 | |||||||||||||||||||
Originations for sale to secondary market (5) | 312,226 | 377,137 | 299,321 | 183,222 | 160,175 | 1,171,906 | 598,103 | |||||||||||||||||||
Total mortgage loan originations | $446,228 | $509,863 | $426,215 | $291,720 | $281,057 | $1,674,026 | $945,493 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $240,104 | $317,920 | $246,945 | $44,498 | $42,612 | $849,467 | $96,160 | |||||||||||||||||||
Sold with servicing rights released (5) | 78,072 | 36,250 | 58,279 | 117,693 | 134,091 | 290,294 | 495,012 | |||||||||||||||||||
Total mortgage loans sold | $318,176 | $354,170 | $305,224 | $162,191 | $176,703 | $1,139,761 | $591,172 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) | $1,633,024 | $1,665,745 | $1,630,998 | $1,618,020 | $1,547,572 | ||||||||||||
Commercial & industrial | 817,408 | 822,269 | 852,445 | 655,157 | 585,289 | ||||||||||||
Total commercial | 2,450,432 | 2,488,014 | 2,483,443 | 2,273,177 | 2,132,861 | ||||||||||||
Residential real estate (2) | 1,467,312 | 1,506,726 | 1,508,223 | 1,510,472 | 1,449,090 | ||||||||||||
Home equity | 259,185 | 268,551 | 277,632 | 287,134 | 290,874 | ||||||||||||
Other | 19,061 | 18,756 | 18,343 | 19,613 | 20,174 | ||||||||||||
Total consumer | 278,246 | 287,307 | 295,975 | 306,747 | 311,048 | ||||||||||||
Total loans | $4,195,990 | $4,282,047 | $4,287,641 | $4,090,396 | $3,892,999 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
Count | Balance | % of Total | Count | Balance | % of Total | ||||||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||||||||
Multi-family dwelling | 137 | $524,874 | 32 | % | 123 | $430,502 | 28 | % | |||||||||||||||
Retail | 136 | 339,569 | 21 | 110 | 314,661 | 20 | |||||||||||||||||
Office | 73 | 290,756 | 18 | 78 | 294,910 | 19 | |||||||||||||||||
Hospitality | 40 | 157,720 | 10 | 32 | 128,867 | 8 | |||||||||||||||||
Healthcare | 15 | 109,321 | 7 | 16 | 110,409 | 7 | |||||||||||||||||
Industrial and warehouse | 28 | 97,055 | 6 | 25 | 82,432 | 5 | |||||||||||||||||
Commercial mixed use | 22 | 42,405 | 2 | 48 | 73,895 | 5 | |||||||||||||||||
Other | 38 | 71,324 | 4 | 70 | 111,896 | 8 | |||||||||||||||||
Commercial real estate loans | 489 | $1,633,024 | 100 | % | 502 | $1,547,572 | 100 | % | |||||||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 253 | $200,217 | 24 | % | 86 | $138,857 | 24 | % | |||||||||||||||
Manufacturing | 146 | 88,802 | 11 | 65 | 53,561 | 9 | |||||||||||||||||
Owner occupied and other real estate | 268 | 74,309 | 9 | 157 | 46,033 | 8 | |||||||||||||||||
Educational services | 53 | 64,969 | 8 | 22 | 56,556 | 10 | |||||||||||||||||
Retail | 192 | 63,895 | 8 | 75 | 43,386 | 7 | |||||||||||||||||
Accommodation and food services | 271 | 47,020 | 6 | 64 | 16,562 | 3 | |||||||||||||||||
Professional, scientific and technical | 265 | 39,295 | 5 | 66 | 37,599 | 6 | |||||||||||||||||
Entertainment and recreation | 91 | 29,415 | 4 | 35 | 30,807 | 5 | |||||||||||||||||
Information | 32 | 28,394 | 3 | 11 | 22,162 | 4 | |||||||||||||||||
Finance and insurance | 106 | 26,244 | 3 | 57 | 28,501 | 5 | |||||||||||||||||
Transportation and warehousing | 42 | 24,061 | 3 | 23 | 20,960 | 4 | |||||||||||||||||
Public administration | 26 | 23,319 | 3 | 23 | 25,107 | 4 | |||||||||||||||||
Other | 772 | 107,468 | 13 | 225 | 65,198 | 11 | |||||||||||||||||
Commercial & industrial loans | 2,517 | $817,408 | 100 | % | 909 | $585,289 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION | |||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||
December 31, 2020 | January 21, 2021 | ||||||||||||||||||||||
Count | Balance | % of Outstanding Balance, excl PPP loans (1) | Count | Balance | % of Outstanding Balance, excl PPP loans (1) | ||||||||||||||||||
Loan Deferments by Portfolio: | |||||||||||||||||||||||
Commercial Real Estate Deferments by Segment: | |||||||||||||||||||||||
Hospitality | 20 | $83,073 | 53 | % | 16 | $69,529 | 44 | % | |||||||||||||||
Retail | 5 | 39,781 | 12 | 3 | 20,600 | 6 | |||||||||||||||||
Healthcare | 2 | 22,305 | 20 | 2 | 22,345 | 20 | |||||||||||||||||
Office | 2 | 2,457 | 1 | 2 | 2,457 | 1 | |||||||||||||||||
Commercial mixed use | 1 | 637 | 2 | — | — | — | |||||||||||||||||
Multi-family dwelling | 1 | 364 | — | 1 | 364 | — | |||||||||||||||||
Other | 7 | 27,785 | 39 | 7 | 27,786 | 39 | |||||||||||||||||
Subtotal - commercial real estate deferments | 38 | 176,402 | 11 | 31 | 143,081 | 9 | |||||||||||||||||
Commercial & Industrial Deferments by Segment: | |||||||||||||||||||||||
Healthcare and social assistance | 5 | 19,620 | 13 | 5 | 19,702 | 13 | |||||||||||||||||
Accommodation and food services | 2 | 2,889 | 12 | 2 | 2,889 | 12 | |||||||||||||||||
Transportation and warehousing | 4 | 1,120 | 5 | 4 | 1,120 | 5 | |||||||||||||||||
Manufacturing | 2 | 947 | 1 | 2 | 947 | 1 | |||||||||||||||||
Entertainment and recreation | 3 | 560 | 2 | 3 | 557 | 2 | |||||||||||||||||
Owner occupied and other real estate | 1 | 326 | 1 | 1 | 326 | 1 | |||||||||||||||||
Other | 4 | 7,673 | 12 | 4 | 7,676 | 12 | |||||||||||||||||
Subtotal - commercial & industrial deferments | 21 | 33,135 | 5 | 21 | 33,217 | 5 | |||||||||||||||||
Total commercial deferments | 59 | 209,537 | 9 | 52 | 176,298 | 8 | |||||||||||||||||
Residential real estate deferments | 66 | 34,049 | 2 | 52 | 26,404 | 2 | |||||||||||||||||
Consumer deferments | 11 | 1,110 | — | 10 | 715 | — | |||||||||||||||||
Total loan deferments | 136 | $244,696 | 6 | % | 114 | $203,417 | 5 | % | |||||||||||||||
December 31, 2020 | |||||||||||
Count | Balance | % of Total | |||||||||
PPP Loans By Industry: | |||||||||||
Healthcare and social assistance | 173 | $47,354 | 24 | % | |||||||
Accommodation and food services | 209 | 23,678 | 12 | ||||||||
Manufacturing | 89 | 23,321 | 12 | ||||||||
Professional, scientific and technical | 220 | 20,031 | 10 | ||||||||
Retail | 134 | 12,107 | 6 | ||||||||
Educational services | 32 | 9,681 | 5 | ||||||||
Owner occupied and other real estate | 115 | 9,241 | 5 | ||||||||
Entertainment and recreation | 61 | 3,386 | 2 | ||||||||
Information | 20 | 2,478 | 1 | ||||||||
Transportation and warehousing | 21 | 2,059 | 1 | ||||||||
Finance and insurance | 55 | 2,000 | 1 | ||||||||
Public administration | 4 | 483 | — | ||||||||
Other | 573 | 43,961 | 21 | ||||||||
Total PPP loans (included in the commercial & industrial loan portfolio) | 1,706 | $199,780 | 100 | % | |||||||
Average PPP loan size | $117 | ||||||||||
Net unamortized fees on PPP loans | $3,893 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN AND DEPOSIT COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $649,919 | 40 | % | $616,484 | 40 | % | |||||||||||
Massachusetts | 468,947 | 29 | 458,029 | 30 | |||||||||||||
Rhode Island | 431,133 | 26 | 394,929 | 25 | |||||||||||||
Subtotal | 1,549,999 | 95 | 1,469,442 | 95 | |||||||||||||
All other states | 83,025 | 5 | 78,130 | 5 | |||||||||||||
Total commercial real estate loans | $1,633,024 | 100 | % | $1,547,572 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $994,800 | 68 | % | $932,726 | 64 | % | |||||||||||
Rhode Island | 331,713 | 23 | 356,392 | 25 | |||||||||||||
Connecticut | 122,102 | 8 | 140,574 | 10 | |||||||||||||
Subtotal | 1,448,615 | 99 | 1,429,692 | 99 | |||||||||||||
All other states | 18,697 | 1 | 19,398 | 1 | |||||||||||||
Total residential real estate loans | $1,467,312 | 100 | % | $1,449,090 | 100 | % |
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $832,287 | $840,444 | $815,770 | $622,893 | $609,924 | ||||||||||||
Interest-bearing demand deposits | 174,290 | 170,198 | 158,343 | 178,391 | 159,938 | ||||||||||||
NOW accounts | 698,706 | 644,909 | 617,792 | 528,650 | 520,295 | ||||||||||||
Money market accounts | 910,167 | 877,536 | 834,954 | 784,893 | 765,899 | ||||||||||||
Savings accounts | 466,507 | 439,383 | 417,195 | 382,509 | 373,503 | ||||||||||||
Time deposits (in-market) | 704,855 | 729,058 | 728,801 | 776,992 | 784,481 | ||||||||||||
In-market deposits | 3,786,812 | 3,701,528 | 3,572,855 | 3,274,328 | 3,214,040 | ||||||||||||
Wholesale brokered time deposits | 591,541 | 584,165 | 528,581 | 431,986 | 284,842 | ||||||||||||
Total deposits | $4,378,353 | $4,285,693 | $4,101,436 | $3,706,314 | $3,498,882 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.23 | % | 0.25 | % | 0.27 | % | 0.32 | % | 0.35 | % | |||||||
Nonaccrual loans to total loans | 0.31 | % | 0.34 | % | 0.37 | % | 0.44 | % | 0.45 | % | |||||||
Total past due loans to total loans | 0.30 | % | 0.24 | % | 0.34 | % | 0.40 | % | 0.40 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 334.21 | % | 289.31 | % | 258.73 | % | 221.37 | % | 155.18 | % | |||||||
Allowance for credit losses on loans to total loans | 1.05 | % | 1.00 | % | 0.97 | % | 0.97 | % | 0.69 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $— | $431 | $431 | $450 | $603 | ||||||||||||
Commercial & industrial | — | — | — | 290 | 657 | ||||||||||||
Total commercial | — | 431 | 431 | 740 | 1,260 | ||||||||||||
Residential real estate | 11,981 | 12,792 | 13,850 | 15,423 | 14,297 | ||||||||||||
Home equity | 1,128 | 1,429 | 1,648 | 1,667 | 1,763 | ||||||||||||
Other consumer | 88 | 88 | 88 | 88 | 88 | ||||||||||||
Total consumer | 1,216 | 1,517 | 1,736 | 1,755 | 1,851 | ||||||||||||
Total nonaccrual loans | 13,197 | 14,740 | 16,017 | 17,918 | 17,408 | ||||||||||||
Other real estate owned | — | — | — | 28 | 1,109 | ||||||||||||
Total nonperforming assets | $13,197 | $14,740 | $16,017 | $17,946 | $18,517 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $265 | $431 | $431 | $1,275 | $1,433 | ||||||||||||
Commercial & industrial | 3 | 21 | 3 | 310 | 1 | ||||||||||||
Total commercial | 268 | 452 | 434 | 1,585 | 1,434 | ||||||||||||
Residential real estate | 10,339 | 8,081 | 12,499 | 12,293 | 11,429 | ||||||||||||
Home equity | 1,667 | 1,753 | 1,633 | 2,482 | 2,696 | ||||||||||||
Other consumer | 118 | 108 | 106 | 115 | 130 | ||||||||||||
Total consumer | 1,785 | 1,861 | 1,739 | 2,597 | 2,826 | ||||||||||||
Total past due loans | $12,392 | $10,394 | $14,672 | $16,475 | $15,689 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $8,521 | $8,799 | $10,553 | $11,385 | $11,477 | ||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||
Accruing TDRs | $13,340 | $5,709 | $5,473 | $373 | $376 | ||||||||||||
Nonaccrual TDRs | 2,345 | 2,894 | 998 | 490 | 492 | ||||||||||||
Total TDRs | $15,685 | $8,603 | $6,471 | $863 | $868 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
CREDIT & ASSET QUALITY DATA | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $14,740 | $16,017 | $17,918 | $17,408 | $14,902 | $17,408 | $11,707 | |||||||||||||||||||
Additions to nonaccrual status | 707 | 971 | 237 | 1,729 | 2,766 | 3,644 | 11,982 | |||||||||||||||||||
Loans returned to accruing status | (1,112) | (1,623) | (154) | (393) | — | (3,282) | (1,570) | |||||||||||||||||||
Loans charged-off | (246) | (111) | (325) | (635) | (132) | (1,317) | (2,020) | |||||||||||||||||||
Loans transferred to other real estate owned | (285) | — | — | (28) | — | (313) | (2,000) | |||||||||||||||||||
Payments, payoffs and other changes | (607) | (514) | (1,659) | (163) | (128) | (2,943) | (691) | |||||||||||||||||||
Balance at end of period | $13,197 | $14,740 | $16,017 | $17,918 | $17,408 | $13,197 | $17,408 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $42,645 | $41,441 | $39,665 | $27,014 | $26,997 | $27,014 | $27,072 | |||||||||||||||||||
Adoption of CECL accounting standard (Topic 326) | — | — | — | 6,501 | — | 6,501 | — | |||||||||||||||||||
Provision for credit losses on loans (1) | 1,579 | 1,300 | 2,084 | 6,773 | — | 11,736 | 1,575 | |||||||||||||||||||
Charge-offs | (245) | (111) | (326) | (635) | (132) | (1,317) | (2,020) | |||||||||||||||||||
Recoveries | 127 | 15 | 18 | 12 | 149 | 172 | 387 | |||||||||||||||||||
Balance at end of period | $44,106 | $42,645 | $41,441 | $39,665 | $27,014 | $44,106 | $27,014 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $2,180 | $2,155 | $2,039 | $293 | $317 | $293 | $293 | |||||||||||||||||||
Adoption of CECL accounting standard (Topic 326) | — | — | — | 1,483 | — | 1,483 | — | |||||||||||||||||||
Provision for credit losses on unfunded commitments (2) | 202 | 25 | 116 | 263 | (24) | 606 | 1,427 | |||||||||||||||||||
Balance at end of period (3) | $2,382 | $2,180 | $2,155 | $2,039 | $293 | $2,382 | $1,720 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | $133 | $— | $19 | $153 | ($44) | $305 | $903 | |||||||||||||||||||
Commercial & industrial | (12) | — | 284 | 290 | (15) | 562 | (147) | |||||||||||||||||||
Total commercial | 121 | — | 303 | 443 | (59) | 867 | 756 | |||||||||||||||||||
Residential real estate | (20) | 99 | — | — | — | 79 | 486 | |||||||||||||||||||
Home equity | 9 | (4) | (5) | 172 | 17 | 172 | 318 | |||||||||||||||||||
Other consumer | 8 | 1 | 10 | 8 | 25 | 27 | 73 | |||||||||||||||||||
Total consumer | 17 | (3) | 5 | 180 | 42 | 199 | 391 | |||||||||||||||||||
Total | $118 | $96 | $308 | $623 | ($17) | $1,145 | $1,633 | |||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.01 | % | 0.01 | % | 0.03 | % | 0.06 | % | — | % | 0.03 | % | 0.04 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | December 31, 2020 | September 30, 2020 | Quarter Change | ||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $172,731 | $35 | 0.08 | % | $168,106 | $39 | 0.09 | % | $4,625 | ($4) | (0.01 | %) | |||||||||||||||||||||||
Mortgage loans held for sale | 71,113 | 569 | 3.18 | 61,043 | 468 | 3.05 | 10,070 | 101 | 0.13 | ||||||||||||||||||||||||||
Taxable debt securities | 892,112 | 3,869 | 1.73 | 906,977 | 4,870 | 2.14 | (14,865) | (1,001) | (0.41) | ||||||||||||||||||||||||||
FHLB stock | 33,320 | 414 | 4.94 | 43,839 | 532 | 4.83 | (10,519) | (118) | 0.11 | ||||||||||||||||||||||||||
Commercial real estate | 1,658,809 | 11,905 | 2.86 | 1,652,136 | 11,649 | 2.81 | 6,673 | 256 | 0.05 | ||||||||||||||||||||||||||
Commercial & industrial | 818,611 | 7,174 | 3.49 | 849,452 | 6,920 | 3.24 | (30,841) | 254 | 0.25 | ||||||||||||||||||||||||||
Total commercial | 2,477,420 | 19,079 | 3.06 | 2,501,588 | 18,569 | 2.95 | (24,168) | 510 | 0.11 | ||||||||||||||||||||||||||
Residential real estate | 1,475,699 | 13,206 | 3.56 | 1,510,621 | 14,047 | 3.70 | (34,922) | (841) | (0.14) | ||||||||||||||||||||||||||
Home equity | 264,811 | 2,229 | 3.35 | 276,221 | 2,320 | 3.34 | (11,410) | (91) | 0.01 | ||||||||||||||||||||||||||
Other | 18,209 | 226 | 4.94 | 18,706 | 237 | 5.04 | (497) | (11) | (0.10) | ||||||||||||||||||||||||||
Total consumer | 283,020 | 2,455 | 3.45 | 294,927 | 2,557 | 3.45 | (11,907) | (102) | — | ||||||||||||||||||||||||||
Total loans | 4,236,139 | 34,740 | 3.26 | 4,307,136 | 35,173 | 3.25 | (70,997) | (433) | 0.01 | ||||||||||||||||||||||||||
Total interest-earning assets | 5,405,415 | 39,627 | 2.92 | 5,487,101 | 41,082 | 2.98 | (81,686) | (1,455) | (0.06) | ||||||||||||||||||||||||||
Noninterest-earning assets | 362,848 | 377,348 | (14,500) | ||||||||||||||||||||||||||||||||
Total assets | $5,768,263 | $5,864,449 | ($96,186) | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $161,664 | $81 | 0.20 | % | $157,986 | $83 | 0.21 | % | $3,678 | ($2) | (0.01 | %) | |||||||||||||||||||||||
NOW accounts | 664,055 | 115 | 0.07 | 631,148 | 99 | 0.06 | 32,907 | 16 | 0.01 | ||||||||||||||||||||||||||
Money market accounts | 903,607 | 963 | 0.42 | 839,032 | 977 | 0.46 | 64,575 | (14) | (0.04) | ||||||||||||||||||||||||||
Savings accounts | 455,933 | 70 | 0.06 | 428,781 | 67 | 0.06 | 27,152 | 3 | — | ||||||||||||||||||||||||||
Time deposits (in-market) | 711,838 | 2,566 | 1.43 | 730,464 | 3,015 | 1.64 | (18,626) | (449) | (0.21) | ||||||||||||||||||||||||||
Total interest-bearing in-market deposits | 2,897,097 | 3,795 | 0.52 | 2,787,411 | 4,241 | 0.61 | 109,686 | (446) | (0.09) | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 589,272 | 837 | 0.57 | 463,756 | 1,291 | 1.11 | 125,516 | (454) | (0.54) | ||||||||||||||||||||||||||
Total interest-bearing deposits | 3,486,369 | 4,632 | 0.53 | 3,251,167 | 5,532 | 0.68 | 235,202 | (900) | (0.15) | ||||||||||||||||||||||||||
FHLB advances | 634,081 | 2,305 | 1.45 | 860,758 | 3,354 | 1.55 | (226,677) | (1,049) | (0.10) | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 122 | 2.14 | 22,681 | 135 | 2.37 | — | (13) | (0.23) | ||||||||||||||||||||||||||
PPPLF borrowings | 81,858 | 72 | 0.35 | 180,128 | 159 | 0.35 | (98,270) | (87) | — | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,224,989 | 7,131 | 0.67 | 4,314,734 | 9,180 | 0.85 | (89,745) | (2,049) | (0.18) | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 838,713 | 842,949 | (4,236) | ||||||||||||||||||||||||||||||||
Other liabilities | 176,592 | 186,981 | (10,389) | ||||||||||||||||||||||||||||||||
Shareholders' equity | 527,969 | 519,785 | 8,184 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $5,768,263 | $5,864,449 | ($96,186) | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $32,496 | $31,902 | $594 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.25 | % | 2.13 | % | 0.12 | % | |||||||||||||||||||||||||||||
Net interest margin | 2.39 | % | 2.31 | % | 0.08 | % |
For the Three Months Ended | Dec 31, 2020 | Sep 30, 2020 | Quarter Change | ||||||||
Commercial loans | $253 | $248 | $5 | ||||||||
Total | $253 | $248 | $5 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Twelve Months Ended | December 31, 2020 | December 31, 2019 | Change | ||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $160,427 | $459 | 0.29 | % | $85,447 | $1,667 | 1.95 | % | $74,980 | ($1,208) | (1.66 | %) | |||||||||||||||||
Mortgage loans for sale | 54,237 | 1,762 | 3.25 | 30,928 | 1,237 | 4.00 | 23,309 | 525 | (0.75) | ||||||||||||||||||||
Taxable debt securities | 902,278 | 20,050 | 2.22 | 947,875 | 26,367 | 2.78 | (45,597) | (6,317) | (0.56) | ||||||||||||||||||||
Nontaxable debt securities | — | — | — | 450 | 23 | 5.11 | (450) | (23) | (5.11) | ||||||||||||||||||||
Total securities | 902,278 | 20,050 | 2.22 | 948,325 | 26,390 | 2.78 | (46,047) | (6,340) | (0.56) | ||||||||||||||||||||
FHLB stock | 45,235 | 2,240 | 4.95 | 47,761 | 2,855 | 5.98 | (2,526) | (615) | (1.03) | ||||||||||||||||||||
Commercial real estate | 1,632,460 | 52,231 | 3.20 | 1,481,116 | 68,193 | 4.60 | 151,344 | (15,962) | (1.40) | ||||||||||||||||||||
Commercial & industrial | 767,176 | 27,410 | 3.57 | 596,451 | 28,545 | 4.79 | 170,725 | (1,135) | (1.22) | ||||||||||||||||||||
Total commercial | 2,399,636 | 79,641 | 3.32 | 2,077,567 | 96,738 | 4.66 | 322,069 | (17,097) | (1.34) | ||||||||||||||||||||
Residential real estate | 1,488,343 | 55,866 | 3.75 | 1,368,824 | 54,932 | 4.01 | 119,519 | 934 | (0.26) | ||||||||||||||||||||
Home equity | 277,296 | 10,032 | 3.62 | 286,767 | 14,011 | 4.89 | (9,471) | (3,979) | (1.27) | ||||||||||||||||||||
Other | 18,929 | 941 | 4.97 | 23,153 | 1,137 | 4.91 | (4,224) | (196) | 0.06 | ||||||||||||||||||||
Total consumer | 296,225 | 10,973 | 3.70 | 309,920 | 15,148 | 4.89 | (13,695) | (4,175) | (1.19) | ||||||||||||||||||||
Total loans | 4,184,204 | 146,480 | 3.50 | 3,756,311 | 166,818 | 4.44 | 427,893 | (20,338) | (0.94) | ||||||||||||||||||||
Total interest-earning assets | 5,346,381 | 170,991 | 3.20 | 4,868,772 | 198,967 | 4.09 | 477,609 | (27,976) | (0.89) | ||||||||||||||||||||
Noninterest-earning assets | 358,569 | 300,549 | 58,020 | ||||||||||||||||||||||||||
Total assets | $5,704,950 | $5,169,321 | $535,629 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $159,366 | $806 | 0.51 | % | $144,836 | $2,537 | 1.75 | % | $14,530 | ($1,731) | (1.24 | %) | |||||||||||||||||
NOW accounts | 593,105 | 368 | 0.06 | 469,540 | 310 | 0.07 | 123,565 | 58 | (0.01) | ||||||||||||||||||||
Money market accounts | 839,915 | 5,402 | 0.64 | 693,921 | 7,713 | 1.11 | 145,994 | (2,311) | (0.47) | ||||||||||||||||||||
Savings accounts | 415,741 | 265 | 0.06 | 365,927 | 272 | 0.07 | 49,814 | (7) | (0.01) | ||||||||||||||||||||
Time deposits (in-market) | 742,236 | 13,138 | 1.77 | 794,124 | 16,056 | 2.02 | (51,888) | (2,918) | (0.25) | ||||||||||||||||||||
Total interest-bearing in-market deposits | 2,750,363 | 19,979 | 0.73 | 2,468,348 | 26,888 | 1.09 | 282,015 | (6,909) | (0.36) | ||||||||||||||||||||
Wholesale brokered time deposits | 501,306 | 5,833 | 1.16 | 461,862 | 10,213 | 2.21 | 39,444 | (4,380) | (1.05) | ||||||||||||||||||||
Total interest-bearing deposits | 3,251,669 | 25,812 | 0.79 | 2,930,210 | 37,101 | 1.27 | 321,459 | (11,289) | (0.48) | ||||||||||||||||||||
FHLB advances | 920,704 | 15,806 | 1.72 | 1,015,914 | 26,168 | 2.58 | (95,210) | (10,362) | (0.86) | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 641 | 2.83 | 22,681 | 980 | 4.32 | — | (339) | (1.49) | ||||||||||||||||||||
PPPLF borrowings | 66,492 | 233 | 0.35 | — | — | — | 66,492 | 233 | 0.35 | ||||||||||||||||||||
Total interest-bearing liabilities | 4,261,546 | 42,492 | 1.00 | 3,968,805 | 64,249 | 1.62 | 292,741 | (21,757) | (0.62) | ||||||||||||||||||||
Noninterest-bearing demand deposits | 759,841 | 615,049 | 144,792 | ||||||||||||||||||||||||||
Other liabilities | 167,861 | 104,463 | 63,398 | ||||||||||||||||||||||||||
Shareholders' equity | 515,702 | 481,004 | 34,698 | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $5,704,950 | $5,169,321 | $535,629 | ||||||||||||||||||||||||||
Net interest income (FTE) | $128,499 | $134,718 | ($6,219) | ||||||||||||||||||||||||||
Interest rate spread | 2.20 | % | 2.47 | % | (0.27 | %) | |||||||||||||||||||||||
Net interest margin | 2.40 | % | 2.77 | % | (0.37 | %) |
For the Twelve Months Ended | Dec 31, 2020 | Dec 31, 2019 | Change | ||||||||
Commercial loans | $1,055 | $1,299 | ($244) | ||||||||
Nontaxable debt securities | — | 5 | (5) | ||||||||
Total | $1,055 | $1,304 | ($249) |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | |||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $534,195 | $527,693 | $520,163 | $508,597 | $503,492 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 6,305 | 6,530 | 6,759 | 6,988 | 7,218 | ||||||||||||
Total tangible shareholders' equity | $463,981 | $457,254 | $449,495 | $437,700 | $432,365 | ||||||||||||
Shares outstanding, as reported | 17,265 | 17,260 | 17,260 | 17,252 | 17,363 | ||||||||||||
Book value per share - GAAP | $30.94 | $30.57 | $30.14 | $29.48 | $29.00 | ||||||||||||
Tangible book value per share - Non-GAAP | $26.87 | $26.49 | $26.04 | $25.37 | $24.90 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $463,981 | $457,254 | $449,495 | $437,700 | $432,365 | ||||||||||||
Total assets, as reported | $5,713,169 | $5,849,792 | $5,876,960 | $5,620,979 | $5,292,659 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 6,305 | 6,530 | 6,759 | 6,988 | 7,218 | ||||||||||||
Total tangible assets | $5,642,955 | $5,779,353 | $5,806,292 | $5,550,082 | $5,221,532 | ||||||||||||
Equity to assets - GAAP | 9.35 | % | 9.02 | % | 8.85 | % | 9.05 | % | 9.51 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 8.22 | % | 7.91 | % | 7.74 | % | 7.89 | % | 8.28 | % |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2019 | ||||||||||||||||||||
Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $18,566 | $18,322 | $21,040 | $11,901 | $15,536 | $69,829 | $69,118 | |||||||||||||||||||
Total average assets, as reported | $5,768,263 | $5,864,449 | $5,789,692 | $5,394,948 | $5,227,035 | $5,704,950 | $5,169,321 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 6,414 | 6,641 | 6,871 | 7,100 | 7,330 | 6,755 | 7,681 | |||||||||||||||||||
Total average tangible assets | $5,697,940 | $5,793,899 | $5,718,912 | $5,323,939 | $5,155,796 | $5,634,286 | $5,097,731 | |||||||||||||||||||
Return on average assets - GAAP | 1.28 | % | 1.24 | % | 1.46 | % | 0.89 | % | 1.18 | % | 1.22 | % | 1.34 | % | ||||||||||||
Return on average tangible assets - Non-GAAP | 1.30 | % | 1.26 | % | 1.48 | % | 0.90 | % | 1.20 | % | 1.24 | % | 1.36 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported | $18,524 | $18,285 | $21,000 | $11,869 | $15,502 | $69,678 | $68,979 | |||||||||||||||||||
Total average equity, as reported | $527,969 | $519,785 | $511,751 | $503,124 | $502,614 | $515,702 | $481,004 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 6,414 | 6,641 | 6,871 | 7,100 | 7,330 | 6,755 | 7,681 | |||||||||||||||||||
Total average tangible equity | $457,646 | $449,235 | $440,971 | $432,115 | $431,375 | $445,038 | $409,414 | |||||||||||||||||||
Return on average equity - GAAP | 13.96 | % | 13.99 | % | 16.51 | % | 9.49 | % | 12.24 | % | 13.51 | % | 14.34 | % | ||||||||||||
Return on average tangible equity - Non-GAAP | 16.10 | % | 16.19 | % | 19.15 | % | 11.05 | % | 14.26 | % | 15.66 | % | 16.85 | % |